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Vitrafy Life Sciences Limited (ASX:VFY) has defied this month’s odds to become the only newly-listed Australian company to survive a surprisingly rough November (for newcomers, at least) without sagging below its IPO price.
The cryopreservation biotech did give some back on Friday, though so did nearly every Aussie company through a day littered with rather red tickers.
One strength the Ballarat-based company may have commanded over other struggling contenders that fell foul of low spending on IPOs through 2024 was its targets: The science share has a US$186 billion global market to lean in to, especially when it comes to artificial insemination, blood products, and cell gene therapy.
The company already boasting FDA approval in the U.S. for its freezing device to be applied to sperm, ova, and blood products would have helped with confidence too.
Similarly, successful early tests too would have won over investors. “We have done several studies on different biological material to show we can retain the quality of the sample in a safe and effective way,” co-founder Brent Owens told the Herald Sun.
At close today, Vitrafy Life Sciences’ shares were selling at $1.98; it had originally floated with an issue price of $1.84 – a four-day lift of 7.61%.
That closing price made it the only one of five debutants in November to rise.
Symal Group (which rang the bell on November 21), Fulcrum Lithium (November 22), Cuscal (November 25), Vitrafy, and Renerve (both November 26) made up the raft of bourse neophytes. Cuscal was the most hyped by far.
In fact, Cuscal – a payment infrastructure provider – had been tipped as “the year’s second biggest float” behind June winner Guzman y Gomez, but the tech debutant wiped as much as $36.4 million off its valuation through its first four hours. It’s top-billed $377M IPO eventually clunked into a 4% drop.
Others had expected Symal Group, a fast-growing construction company with plenty already on the books, or Fulcrum Lithium and its Nevada deposits to excite as they floated.
Each instead quietly joined the ASX ranks with little market fanfare; Symal Group even tanked as much as 14% since ringing the bell last week.
Aussie retail investors will now perhaps be more interested in the December offerings coming up: There are seven further debutant companies scheduled into the bourse books that will float before the end of the calendar year.
These next IPOs are teed up to December 27 and include:
- Golden Horse Minerals (December 5)
- Everlast Minerals Limited (December 6)
- Stormeur Limited (December 6)
- Mount Hope Mining Limited (December 9)
- Digico (December 12)
- Burrendong Minerals Limited (December 20)
- Mawson Gold Limited (December 27)
Siguiri Gold Corp. is also lined up for a float soon, though its IPO isn’t dated yet.
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